judge reinhardt's wife, runs an aclu affiliate.onsulted with attorneys in this very case about their decision to file the case in the first place. she had a organization file briefs in this very case in front of judge walker, arguing that proposition 8 should be struck down. she publicly celebrated the ruling in this very case yet judge reinhardt saw fit not to recuse himself. i could go on and on about the absurdities here. let me jump forward to the particular standing issue which the supreme court ruled. one thing judge reinhardt did write, he certified to the california supreme court the question of what exactly is the status of the proposition 8 proponents who stepped in to defend the law when state officials wouldn't? what authority do they have under state law? and the california supreme court unanimously ruled that it is essential to the integrity of the initiative process in california that the official proponents of an initiative be able to assert the state's interest in an initiative's validity on behalf of the people wh

mention there were a number of speakers today who talked about going back to carmen hine heart, to -- reinhardthe current account in its role precipitating the crisis and this is one of the things was a theme of my commentary before the crisis which was the idea that the capital inflows that we were seeing related of course to our large trade deficit but also to the international demand for dollar reserves was in fact a potentially destablizing factor and certainly was in any case, making financial conditions easier than than they otherwise would have been. done more recent work with coauthors at the federal reserve looking at the european-u.s. relationship even though there was a much more balanced trade between the europe and the u.s. there were large gross up flows of financial flows from europe and the united states which again were a demand for, safe assets if you will which at the time there being insufficiency of safe assets in the view of many people, wall street in some sense was trying to construct safe assets through securitization and tranching and we know that didn't work out so we

judge reinhardt's wife runs and -- an acluu affiliate. she had an organization file briefs in this case in front of judge walker. i agree that proposition 8 should be struck down. she celebrated the ruling in this very case but judge reinhardt saw fit not to recuse himself. i could go on about the absurdities. let me jump forward to that particular standing issue world. one thing that the judge did right is he certified the question of what exactly is the status of the proponents who stepped in to defend the law when state officials would not, what authority did have a state law? the california supreme court unanimously ruled that it is essential to the integrity of the initiative process in california that the official proponents of initiative able to assert the state's interest in behalf of the people when public officials will not do so. the state said proponents are standing in the shoes of the governor and the attorney- general. they did not have to have the standing that there would normally have. you end up with the odd 5-4 divisio

judge reinhardt's wife runs and insulate you -- an aclu affiliate.organization file briefs in this case in front of judge walker. i agree that proposition 8 should be struck down. she celebrated the ruling in this very case but judge reinhardt saw fit not to recuse himself. i could go on about the absurdities. let me jump forward to that particular standing issue world. one thing that the judge did right is he certified the question of what exactly is the status of the proponents who stepped in to defend the law when state officials would not, what authority did have a state law? the california supreme court unanimously ruled that it is essential to the integrity of the initiative process in california that the official proponents of initiative able to assert the state's interest in behalf of the people when public officials will not do so. the state said proponents are standing in the shoes of the governor and the attorney- general. the did not have to have standing that there would normally have. you end up with the odd 5-4 division rowling. by des

judge reinhardt's wife runs and insulate you -- an aclu affiliate. she had an organization file briefs in this case in front of judge walker. i agree that proposition 8 should be struck down. she celebrated the ruling in this very case but judge reinhardt saw fit not to recuse himself. i could go on about the absurdities. let me jump forward to that particular standing issue world. one thing that the judge did right is he certified the question of what exactly is the status of the proponents who stepped in to defend the law when state officials would not, what authority did have a state law? the california supreme court unanimously ruled that it is essential to the integrity of the initiative process in california that the official proponents of initiative able to assert the state's interest in behalf of the people when public officials will not do so. the state said proponents are standing in the shoes of the governor and the attorney- general. they did not have to have the standing that there would normally have. you end up with the odd 5-4 divisio

thatwould like to mention there were a number of speakers today to talk about going back to reinhardt and its role in precipitated a crisis. this is one of my teams before the crisis, that we were seeing related to our trade deficit and the international demand for dollar reserves, in fact it is stabilizing factor and in any case making financial decisions would than they otherwise have been. more recently co-oping the federal reserve looking at the u.s. relationship, even though there was a much more balanced trade. again, it was a demand for state assets, if you will. anch at the time was seen as insufficiency of state assets on wall street, trying to construct state assets through securitization. we know that did no work out so well. are somehat there issues with a assets. besides collateral we have potentially increase liquidity requirements and margin with supply of safe assets in other parts of the world. something we have discussed of the federal reserve. i would say, however, that i do not think that our asset purchase programs are having a significant effect. , whenason is ve